"Preferred Card Registration and Use Regardless of Card Company"… Launch of App Card Interoperability Service
Use Multiple Card Companies with One Card App
First Applied to Shinhan, Hana, and KB Kookmin Cards
Expansion to Online Use Planned for Second Half of Next Year
[Asia Economy Reporter Minwoo Lee] It will become possible to register and use multiple credit cards from different card companies within a single payment app, without the need to install separate payment applications or platforms for each card company.
The Korea Federation of Credit Card Associations announced on the 21st that it will launch this "App Card Interoperability Service." This initiative is the result of a joint effort by six companies: Lotte, BC, Shinhan, Hana, KB Kookmin, and NH Nonghyup Card.
Previously, users had to use separate payment apps for each card, but now they can register cards from multiple companies within the payment app of their primary card issuer. Users can also check their transaction history within the respective payment app.
A representative from the Korea Federation of Credit Card Associations explained, "Customers will no longer have the inconvenience of installing multiple card company payment apps, and card companies will enhance their payment app competitiveness as the apps become more versatile."
To use the service, users need to update their existing card company payment apps via the Android or Apple app stores. After registering other companies' cards within the app card, payments can be made at offline merchants using methods such as Near Field Communication (NFC), Magnetic Secure Transmission (MST), barcode, or QR code.
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The service will be introduced sequentially, starting with registration and use among Shinhan, Hana, and KB Kookmin Cards next year, followed by Lotte Card (February), BC Card (March), and NH Nonghyup Card (second half of the year). Discussions are ongoing with other card companies interested in participating, and the service will be expanded to allow online use in the second half of the year.
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